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Side-by-side financial comparison of ESAB Corp (ESAB) and TKO Group Holdings (TKO). Click either name above to swap in a different company.
TKO Group Holdings is the larger business by last-quarter revenue ($1.0B vs $727.8M, roughly 1.4× ESAB Corp). ESAB Corp runs the higher net margin — 7.5% vs -0.2%, a 7.8% gap on every dollar of revenue. On growth, TKO Group Holdings posted the faster year-over-year revenue change (61.6% vs 8.5%). Over the past eight quarters, TKO Group Holdings's revenue compounded faster (28.4% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
TKO Group Holdings, Inc. (TKO) is an American sports and sports entertainment company. Established on September 12, 2023, the public company was formed by a merger between Endeavor subsidiary Zuffa—the parent company of the Ultimate Fighting Championship (UFC), a mixed martial arts promotion—and the professional wrestling promotion World Wrestling Entertainment (WWE).
ESAB vs TKO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $1.0B |
| Net Profit | $54.8M | $-2.4M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 5.5% |
| Net Margin | 7.5% | -0.2% |
| Revenue YoY | 8.5% | 61.6% |
| Net Profit YoY | 2.1% | -107.7% |
| EPS (diluted) | $0.90 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $727.8M | $1.0B | ||
| Q3 25 | $715.6M | $1.1B | ||
| Q2 25 | $678.1M | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $670.8M | $642.2M | ||
| Q3 24 | $673.3M | $681.3M | ||
| Q2 24 | $707.1M | $851.2M | ||
| Q1 24 | $689.7M | $629.7M |
| Q4 25 | $54.8M | $-2.4M | ||
| Q3 25 | $66.9M | $41.0M | ||
| Q2 25 | $67.4M | $98.4M | ||
| Q1 25 | — | $58.4M | ||
| Q4 24 | $53.7M | $31.0M | ||
| Q3 24 | $68.2M | $23.1M | ||
| Q2 24 | $82.9M | $59.1M | ||
| Q1 24 | $60.0M | $-103.8M |
| Q4 25 | 37.0% | — | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 37.0% | — |
| Q4 25 | 14.6% | 5.5% | ||
| Q3 25 | 15.2% | 15.4% | ||
| Q2 25 | 16.2% | 28.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | 16.6% | 15.9% | ||
| Q3 24 | 15.7% | 20.0% | ||
| Q2 24 | 16.9% | 30.0% | ||
| Q1 24 | 16.0% | -33.4% |
| Q4 25 | 7.5% | -0.2% | ||
| Q3 25 | 9.3% | 3.7% | ||
| Q2 25 | 9.9% | 7.5% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | 8.0% | 4.8% | ||
| Q3 24 | 10.1% | 3.4% | ||
| Q2 24 | 11.7% | 6.9% | ||
| Q1 24 | 8.7% | -16.5% |
| Q4 25 | $0.90 | $-0.07 | ||
| Q3 25 | $1.09 | $0.47 | ||
| Q2 25 | $1.10 | $1.17 | ||
| Q1 25 | — | $0.69 | ||
| Q4 24 | $0.87 | $0.28 | ||
| Q3 24 | $1.11 | $0.28 | ||
| Q2 24 | $1.35 | $0.72 | ||
| Q1 24 | $0.98 | $-1.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $218.2M | $831.1M |
| Total DebtLower is stronger | $1.3B | $3.8B |
| Stockholders' EquityBook value | $2.1B | $3.7B |
| Total Assets | $4.9B | $15.5B |
| Debt / EquityLower = less leverage | 0.63× | 1.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | $831.1M | ||
| Q3 25 | $258.2M | $861.4M | ||
| Q2 25 | $291.3M | $535.1M | ||
| Q1 25 | — | $470.9M | ||
| Q4 24 | $249.4M | $525.6M | ||
| Q3 24 | $253.7M | $457.4M | ||
| Q2 24 | $228.5M | $277.5M | ||
| Q1 24 | $76.5M | $245.8M |
| Q4 25 | $1.3B | $3.8B | ||
| Q3 25 | $1.1B | $3.7B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $1.1B | $2.8B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $1.1B | $2.7B | ||
| Q1 24 | $992.8M | $2.7B |
| Q4 25 | $2.1B | $3.7B | ||
| Q3 25 | $2.1B | $3.8B | ||
| Q2 25 | $1.9B | $4.3B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $1.8B | $4.1B | ||
| Q3 24 | $1.8B | $4.0B | ||
| Q2 24 | $1.7B | $4.0B | ||
| Q1 24 | $1.6B | $4.0B |
| Q4 25 | $4.9B | $15.5B | ||
| Q3 25 | $4.4B | $15.5B | ||
| Q2 25 | $4.2B | $15.3B | ||
| Q1 25 | — | $15.0B | ||
| Q4 24 | $4.0B | $12.7B | ||
| Q3 24 | $4.1B | $12.8B | ||
| Q2 24 | $4.0B | $12.7B | ||
| Q1 24 | $3.8B | $12.7B |
| Q4 25 | 0.63× | 1.01× | ||
| Q3 25 | 0.51× | 0.98× | ||
| Q2 25 | 0.55× | 0.64× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 0.60× | 0.67× | ||
| Q3 24 | 0.59× | 0.67× | ||
| Q2 24 | 0.63× | 0.68× | ||
| Q1 24 | 0.61× | 0.68× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $81.5M | $309.9M |
| Free Cash FlowOCF − Capex | $70.3M | — |
| FCF MarginFCF / Revenue | 9.7% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $309.9M | ||
| Q3 25 | $46.6M | $416.8M | ||
| Q2 25 | $35.4M | $396.2M | ||
| Q1 25 | — | $162.8M | ||
| Q4 24 | $126.9M | $56.8M | ||
| Q3 24 | $101.0M | $236.5M | ||
| Q2 24 | $83.0M | $230.7M | ||
| Q1 24 | $44.5M | $59.3M |
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | — | ||
| Q2 25 | $28.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $102.2M | — | ||
| Q3 24 | $90.4M | — | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $37.1M | — |
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 5.4% | — |
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.1% | — |
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | 10.16× | ||
| Q2 25 | 0.53× | 4.03× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | 2.36× | 1.83× | ||
| Q3 24 | 1.48× | 10.22× | ||
| Q2 24 | 1.00× | 3.90× | ||
| Q1 24 | 0.74× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
